OIL to float Rs 2500-cr IPO in Sept - Business Standard

Oil India, the nation’s second biggest state-run explorer, is planning to invest around Rs 2,335 crore during the fiscal. Of this, the company will invest around Rs 1,430 crore in exploration and production and Rs 495 crore towards revamping its ageing fields.

Oil Tanks manufacturing facility, India.

The company is planning to float an initial public offering (IPO) this September to raise around Rs 2,500 crore to fund its various exploration and production activities. It will offer 26.4 million equity shares to the public in the IPO, while the government will simultaneously sell 10 per cent of its stake in the company to other state refiners. OIL was to launch its IPO last November, but the stock market conditions made it defer the plan.

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